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Gas bills 'could top £1,000'
30.05.2008
Household gas bills could reach an average of £1,000 a year as wholesale energy prices soared to a record high yesterday.
Some industry analysts are warning that the annual price of energy could rise by 66 per cent and could cost customers between £750 and £1,000 every year.
Increases in the cost of living, such as higher fuel bill, could see people trying to make cut-backs elsewhere and looking for the best home insurance and cheapest mortgage deals available.
The rise has been blamed on the linking of gas to the price of oil, which has now risen to $126 (£63) a barrel.
Independent energy consultant Nigel Cornwall told the Daily Mail: "What we are seeing now is a surge in the oil price which is being fed through to the gas price."
Mr Cornwall added that if wholesale prices remain as they are, suppliers could be forced to increase bills "by 20 per cent".
The news comes as wholesale gas prices were on the brink of reaching a record £1 per therm yesterday.
Gas prices for delivery in January 2009 have reached 99.7 pence a therm, which is double what it was at the same time last year, report.
Some industry analysts are warning that the annual price of energy could rise by 66 per cent and could cost customers between £750 and £1,000 every year.
Increases in the cost of living, such as higher fuel bill, could see people trying to make cut-backs elsewhere and looking for the best home insurance and cheapest mortgage deals available.
The rise has been blamed on the linking of gas to the price of oil, which has now risen to $126 (£63) a barrel.
Independent energy consultant Nigel Cornwall told the Daily Mail: "What we are seeing now is a surge in the oil price which is being fed through to the gas price."
Mr Cornwall added that if wholesale prices remain as they are, suppliers could be forced to increase bills "by 20 per cent".
The news comes as wholesale gas prices were on the brink of reaching a record £1 per therm yesterday.
Gas prices for delivery in January 2009 have reached 99.7 pence a therm, which is double what it was at the same time last year, report.